Interim payment- inheritance

[RosaMoline]

Idea of timescales gratefully received!
I’ve had some great advice on here regarding probate/inheritance.
Briefly, my brother is an executor. Both DF and DM now passed. Straight 50/50 split between DB and me of assets.
The stage we’re at now - DB is now waiting for the final paperwork (Grant) so it’s just the fancy embossed bit of paper now. Could be any day now.
Once received, he will make an interim payment to me (and him obvs) and then we’ll receive the bulk when the property is sold.
My question is: Once the final paperwork is received by him, then the bank will unfreeze all the cash assets, how long is it likely to take for me to receive my interim payment? Anyone been in this scenario recently?
Thank you ☺️

The bank normally sorts it within 28 days however the executor shouldn’t be making interim payments and you would normally expect the whole process to take about a year.

May I ask why not? It’s perfectly legal I believe. I’ve done a bit of googling and this appears to be standard practice.

Depends on the bank holding the money - Lloyds say up to 25 working days dependent on backlog. Others process within a week or so.
He'll need to take the grant of probate into the branch I should think, it then goes to the Bereavement team. So best case scenario a week worse case a month.

Amazing, thank you 🙏 🤞

There may be other creditors that come out of the woodwork so you could end up in a situation where you have to pay money back.

Yes. If all monies accounted for, then payments could be made when he’s got probate. Getting probate barely took 3 weeks from submission. However I would suggest some monies are kept back for costs. Eg the property insurance, heating costs, gardening there etc. So I would not distribute everything but a partial payment is possible. As DMs house was sold and we expected to complete around 6 - 8 weeks after probate, I didn’t make any interim payment. If the completion date is unknown or no sale at all, then a limited payment could be made. As executor, he has the call.

There shouldn’t be. It should be straightforward - I did suggest he keep an amount back in case of any payments that might need attending to before property is sold.

I was my DMs executor. Once I received probate, I was able to open an Executor account (with Barclays) and some of her money was transferred as soon as the companies received a copy of probate. Took about 2 weeks.
I paid an interim amount to beneficiaries immediately the money hit the account - went into the bank and they did the transfers. I left a few ££££s in the account until the house was sold.

This is all sounding positive, thank you all ☺️

Mum and Dad banked with HSBC. Don’t know if that makes a difference.

If the deceased was living an ordinary and reasonably organised life then debts over and above those associated with the death itself (funeral, costs of administering the estate) should be clear pretty quickly.

If there is, say, £100k in cash in the bank after meeting/providing for above costs a prudent executor might reserve £20k and pay each of you £40k

Professional executors did that in my Mum's case and that of an aunt who died c.2012.

Interim payments are totally normal.

Has your brother done s.27 notices? That can help to protect him against unknown creditors.

There's advice to wait 6 months after the grant due to the possibility of IPFDA claimants coming out of the woodwork.

Creditors might not be the issue. Paying for house insurance if it’s empty and upkeep of it will cost money. Obviously beneficiaries could pay but in my case, it was essier for the estate to pay.

Thank you to everyone who’s replied. It’s been immensely helpful ☺️

@RosaMoline

We asked our solicitor if one of the beneficiaries could have an interim payment as they were moving, and they said they could do it, but it would mean all the beneficiaries would have to have the same percentage, we decided to wait until everyone was paid out at the same time.

After probate, it is recommended that you wait 6 months to distribute any monies as someone could come forward with a legitimate claim, and if the money has been distributed, it will be on the executor to sort.

Each bank has a limit of what they will pay immediately to an executor, when my Dad died last year my brother just had to take the will in naming him as an executor and the account was closed by the bereavement department and the money put into his account which was with the same bank to distribute.

Check on the banks website under bereavement or what to do when someone dies, and it should tell you what their process is.